The Latest Trending Economic News Curated for You by Balmoral Group Australia
This week's Economic Perspective highlights education, following the agreement between New South Wales and the Commonwealth earlier this year to fully fund public schools through 2034. As part of the deal, the Commonwealth's contribution will increase by 5%, injecting $4.8 billion over the next decade. Queensland is now the only state yet to reach a deal with the Commonwealth.
We have an article from the International Monetary Fund highlighting how valuable vocational training can be. It showcases different success stories in developing countries as they're a more affordable option to college. In our last article we cover the issue of costs in public education. While public schools in Australia are tuition-free, they can ask parents for voluntarily contributions. A new study looked at the top 50 public schools were parents paid the highest fees, and they found that they are in line with fees associated to attend private schools, which has raised concerns over the free, government-funded system.
Finally, with tropical cyclone Alfred expected to make landfall somewhere between Queensland's southeast and NSW northeast for the first time in 50 years, we hope everyone in the area stays.
NSW public schools to be fully funded by 2034, leaving Queensland as only state outside deal
New South Wales has secured a deal with the commonwealth to fully fund public schools by 2034, leaving Queensland as the country’s only outlier ahead of the federal election. The agreement is expected to inject $4.8bn into NSW public schools over the next decade and follows more than seven months of stalled negotiations. Read more here
Vocational skills training has multiple economic benefits
Folorunso Alakija can thank a Pitman’s secretarial studies diploma for setting her on the path to her position as one of Africa’s richest women. The training led to a job as an assistant to executives and bankers before she shifted gears to study fashion design and started her own brand. She then branched out into real estate and oil exploration, among other things, amassing an estimated $1.8 billion fortune, according to Forbes. Read more here.
What drives education, career and migration aspirations of young people in Ethiopia, Malawi and Nigeria?
Youth aspirations play a crucial role in shaping decisions about career objectives, pursuing a university degree and migrating to seek better opportunities, especially in Sub-Saharan Africa (SSA), where a rapidly growing young population faces significant obstacles to enter the workforce, such as cultural norms, economic constraints, and limited access to education and employment opportunities. Read more here.
The 50 public schools in Australia where parents pay the highest voluntary fees
Many parents with children in public school are paying thousands of dollars a year in fees and contributions at levels rivalling the compulsory fees paid to attend some private schools, leading to concerns the principle of a free, government-funded education is being undermined. Find out more here.
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